Cathy from Chicago Posted February 22, 2001 Share Posted February 22, 2001 Do Section 457 plans have a required due date for employers to deposit employees payroll deductions? Is there a legal timeline as there is with 401(k) contributions? Thanks for any info - I know nothing about 457 plans. Link to comment Share on other sites More sharing options...
Everett Moreland Posted February 24, 2001 Share Posted February 24, 2001 IRS Notice 98-8 (dealing with governmental 457 plans): "In order to satisfy the requirement that all plan assets and income be held in trust, amounts deferred under a governmental section 457(B) plan after a trust has been established must be transferred to the trust within a period that is not longer than is reasonable for the proper administration of the accounts of participants. For purposes of this requirement, a governmental section 457(B) plan may provide for amounts deferred for a participant under the plan to be transferred to the trust within a specified period after the date the amounts would otherwise have been paid to the participant. For example, a governmental section 457(B) plan could provide for amounts deferred under the plan to be contributed to the trust within 15 business days following the month in which these amounts would otherwise have been paid to the participant." Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now